Guernsey And China Insurance Bodies Cement Ties
by Jason Gorringe, Lowtax.net, London
29 June, 2016
The Guernsey International Insurance Association and the China Captive Allianc have signed a memorandum of understanding that sets out a statement of intent to facilitate business development initiatives and information sharing.
Charles Scott signed the memorandum on behalf of the Guernsey International Insurance Association alongside Yongjie Liu, General Manager of the China Captive Alliance.
Scott said: "This memorandum of understanding establishes a very important framework for the cooperation and development of our two jurisdictions in the area of insurance, specifically captives. Guernsey is Europe's number one captive insurance domicile and is perfectly placed to offer guidance and share the expertise it has gained through more than 50 years of providing financial services. It also means that Guernsey is now well positioned to benefit from captive opportunities in the international arena that emerge from Chinese corporates."
Liu said the memorandum was an important step for the Chinese captive insurance market: "We are impressed by Guernsey's extensive and proven experience in captive insurance. By utilizing their knowledge, we have enhanced both the scope and strength of our own sector," he said.
Guernsey Finance Asia Representative, Wendy Weng, also signed a memorandum of understanding on behalf of Guernsey's insurance sector with the Kashgar Government. Kashgar, located in the Xinjiang autonomous region in northwest China, has become the dedicated center for the country's growing captive insurance sector.
The agreement provides for cooperation between the two jurisdictions in the areas of captive insurance market development, financial innovation, international communication, and information exchange to promote the viability of the Chinese captive market and communication between China and the international captive industry.
Both memorandums were signed during a ceremony at the first ever Asia-Europe Captive Summit in Kashgar on June 26, 2016.
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